As of January 2021, there were 4.32 billion mobile internet users worldwide. With such a high global internet penetration rate, how much data do you think we produce? The answer is A LOT. But how big is BIG data? Every time we wishfully gaze at that new phone online, every song we listen to on Spotify or 'retweet' posts adds up to data for any tech-related companies. By 2025, we are expected to create a volume of 181 zettabytes worth of data. The sheer volume of data available now makes it imperative for businesses to leverage on it, using it to their advantage and better meet customer expectations and preferences.
So what is Big Data? Simply put, Big Data is data that are large, extensive and much more complicated than its smaller, much more accessible and easier to process small data counterparts. While small data is all about finding needles in haystacks, big data is really about converting hay into needles, or more accurately, turning hay into something that accomplishes what needles can do. Because of its complex and myriad nature, typical data processing technologies cannot handle Big Data. Big Data can then be defined as having one more of the following characteristics:
Big Data can come in the form of viewing history in Netflix, comments on Facebook, transactions from Amazon, medical records, emails, weather, financial markets like the New York Stock Exchange, even that funny cat meme you saw – the list goes on.
"if you can't measure it, you can't improve it”
Now, if you are someone who wants to jump on the bandwagon of Big Data, you might ask, "what's in it for me?". Peter Drucker, a renowned management consultant, once said that "if you can't measure it, you can't improve it". It is becoming apparent that Big Data is the front runner for all that we do online, rendering Peter Drucker's words even more applicable. In various aspects, the usage of Big Data has revolutionised business operations.
The knowledge of Big Data allows businesses to measure, store and analyse the data they have acquired much efficiently and eventually improve their business. Data-driven decisions allow businesses to peek at the possible risk and make better decisions. Big Data touches every part of our lives but granted that, it can seem overwhelming at first. After all, BIG – BIG changes in management, a BIG pool of information, BIG risks involved, and even BIG data can seem daunting at first. The good news is, as a company, Think Axis offers solutions that can successfully build analytical capabilities that allow your business to generate a competitive advantage while assuring both you and your client's peace of mind. As a company that goes beyond the conventional approach to using technology, Think Axis will help your company use Big Data to turn seemingly meaningless data and transform it into solutions.
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